MMC provide a full range of outsourced fund and investment administration services.
FUND ACCOUNTING AND UNIT PRICING
MMC calculate a mixture of daily, weekly and monthly unit prices for more than 250 investment funds. Our unit pricing is PIE compliant with functionality that includes:
- Calculating unit prices and PIE components or, where applicable, tax provisions
- Calculating and accruing all fund expenses
- Processing any corporate actions, including dividends and proxy voting services
- Reconciling with the banks, registrars, custodians and underlying counterparties - cash, units on issue, positions, interfunding, PIE taxable income and components and interfund PIE taxable income and components
- Undertaking appropriate unit pricing reviews, tolerance checking against benchmarks and other measures
- Calculating unit price performance
For a number of our unit pricing clients, MMC co-ordinate their settlements functions including liaison with their appointed custodians. This can include cash reporting, trading and FX (spots and forwards).
We also offer trade matching for NZD, AUD and other foreign currency trades. We match trading files received from managers both automatically and to the contract notes emailed individually from brokers.
MMC provide comprehensive month-end portfolio accounting and valuation reports, per individual investment fund, that include the following summaries:
- Investment update
- Statement of financial performance
- Statement of financial position
- Monthly unit price summary
- Statement of PIE taxable income
- Portfolio valuation
- Cashbook summary
- Cashbook transactions
- Debtors schedule
- Creditors schedule
- Corporate actions
We also produce monthly after tax prescribed investor rate (PIR) performance returns, with accompanying quarterly and annual periodic disclosure compliance certificates and annual tax expense ratios (TERs) where required.
MMC have a two stage process to producing year-end financial statements that are New Zealand International Financial Reporting Standards (NZ IFRS) compliant. Prior to calendar year end, MMC start: preparing and finalising pro-forma financial statements; and performing year end rollovers of financial statements. And then, after financial year end, we are straight into: importing trial balances and holdings; reconciling assets and liabilities, profit and loss statements and balance sheets; completing all required journals and reviewing accounts; preparing statements of cashflow; confirming notes agree to financial statement details; reviewing financial statements; and issuing various drafts to our clients and their auditors until finalised.
MMC now offer full custodial services to existing clients that includes:
- Providing safekeeping of all custodial assets
- Recording trades and corporate action and income entitlements for funds
- Matching trade files to counterparties
- Settling trades with the market or sub-custodian and then processing cash movements to support settlements
- Reconciling to banks, registrars and sub-custodians
MMC provide PIE compliant unit registry services to 22 of our 28 clients, maintaining 115,000 investor/member accounts for 150,000 investments. This comprises a mixture of retail, KiwiSaver, mezzanine and wholesale services for PIE unit trusts, KiwiSaver funds and cash and term PIEs with functionality that includes:
- Foreign investment zero rate and variable rate PIEs
- Anti-money laundering (AML) and countering financing of terrorism (CFT)
- Automated onboarding and work flow processes
- Data importing and exporting using a variety of formats, including banking files and transactions for supervisors to execute
- Extensive reporting as required by clients and in accordance with relevant laws
- Customised fulfilment in an agreed format using a preferred method of mail
- APIs and an investor and advisor web portal
With over $7bn FUM and 350k investors, our fund administration requires consistent, accurate delivery and a strong risk management focus. Over the past nine years MMC has provided a strong track record of delivery and met our evolving requirements. Their knowledge, commitment and solutions based approach make them a critical part of our business.
Nigel JacksonHead of Product, Business Bank & WealthBT Fund Management
MMC provide unit pricing and fund accounting services to a high standard. The standout for us is their engagement, drive and ability to provide broad solutions and services which enable us to be more efficient and deliver outstanding services to our clients.
Mark RylandHead of Product and OperationsMilford Asset Management
We have been very impressed with the professional service and assistance received from the team at MMC and how they have tailored this to suit our specific situation and future needs.
Anthony SowerbyChief Operating OfficerSalt Funds Management
MMC has professionally and consistently provided key fund accounting services for the Russell Investment Funds.
Anthony EdmondsManaging DirectorImplemented Investment Solutions
MMC is an integral part of our business - your independent and accurate fund pricing has been critical to our business growth. Thank you!
John BerryExecutive DirectorPathfinder Asset Management
MMC is integral in the day-to-day operation of our funds and prompt to deal with.
Jamie YoungPartnerCastle Point Funds Management